TPLM – Triangle Petroleum Corporation
Stock Guru Profile TPLM
The most active and by far the largest producing gas-shale play in the US today is found in the Barnett shale, and that’s exactly where you will find TPLM, Triangle Petroleum, Corp. Unconventional gas resources have become a major source of US supply over the last 20 years and will be even more important in the future and TPLM is right there employing the next generation technology to access these fields.
The Barnett shale of North Texas is one of the hottest areas of drilling activity in the continental US. The area of interest is expanding well beyond the core area in Denton and Wise counties.
Barnett wells are prized for long-lasting production and a very high drilling success rate. High gas prices have intensified the action. New state and federal permitting systems have facilitated the exploration as well.
The discovery well for the Newark, East field (Barnett) was drilled in 1982. About 10 wells were drilled each year, until 1992, when there were 99 producing wells. Another 10 years later, at the end of 2002, there were 1,870 wells, producing 600 MMcfd.
The US Geological Survey classifies the Barnett as an unconventional gas play. The Barnett is a black, organic-rich, marine shale with upper and lower units separated by the Forestburg limestone, and it reaches a maximum thickness of nearly 1,000 ft at the northern margin of the Fort Worth basin.
Of the 12 largest US natural gas fields listed by the US Energy Information Administration, nine are classed as unconventional.
“The ability to continue growing nonconventional production [tight gas, CBM, and gas shale] will be critical to sustaining production levels,” said the National Petroleum Council in its recent report. “Aside from the deepwater Gulf of Mexico, the only US basins maintaining sustainable production increases (Rockies, East Texas-North Louisiana) are being driven by increased nonconventional production.”
Triangle’s Barnett Shale Program
Triangle, in conjunction with a new operating partner, is drilling and completing four horizontal wells at depths of approximately 6,000 feet. Two of the new wells are located in Parker County and two are in Hood County. Of the four wells, one is currently drilling and of the three wells that have already been drilled and cased, one well has been completed with a five stage stimulation treatment. This stimulated well has recently been pipeline connected and is now expected to commence flowback and production. Triangle has a working interest in this multi-well program ranging from 11% to 15%. Based upon expected production results from this initial program, a number of additional opportunities will be pursued with this operating partner who has an established track record in the Barnett Shale.
In another project located in Johnson County, Triangle, along with its joint venture partner Kerogen Resources Inc. of Houston, has acquired a 3-D seismic survey over its proposed drilling location. The results of the seismic interpretations support the joint venture plans to drill a horizontal Barnett well in the first quarter of 2007.
Industry activity within Hill County where Triangle and its joint venture partners have in excess of 13,000 gross acres continues to be an area of high industry interest. The joint venture will be evaluating combined industry programs to establish an active exploration program on the Hill County acreage during the first part of 2007.
Sergei Stetsenko, President/CFO
Source: Triangle Petroleum Corporation
Suite 1110
521 – 3 Avenue Sw
Calgary, BC T2P 3T3
Phone: (403) 262-4471
Website: http://www.trianglepetroleum.com. About Triangle Petroleum Corporation – Triangle is an exploration company focused on the Barnett Shale project in Texas, the Fayetteville Shale project in Arkansas, large resource plays in the Deep Basin area of Western Canada and in select areas of the western United States. An experienced team comprising technical and business skills has been formed to exploit the Company’s opportunity portfolio. Advanced reservoir description techniques will complement state of the art 3-D seismic interpretations to optimize drill sites. Project specific drilling and well completion techniques will be employed to optimize the production potential for each new pool. A land acquisition strategy employing traditional and new business models will be used to secure the opportunities for Triangle. Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission (”SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as probable, possible and potential, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in TPLM’s Form 10-KSB, File No. 0-51321, available from us at Suite 1110, 521 – 3 Avenue SW, Calgary, Alberta T2P 3T3 Canada. You can also obtain this form from the SEC by calling 1-800-732-0330.
Safe Harbor Statement. This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, the amount of funds the Company may receive, the Company’s proposed acquisition and development of properties, including drilling projects. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the possibility that additional investments will not be made or that appropriate opportunities for development will not be available or will not be properly developed. For additional risk factors about our Company, readers should refer to risk disclosure contained in our reports filed with the Securities and Exchange Commission. Source: TRIANGLE PETROLEUM CORPORATION
Forward Looking Statement: This news release may contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. While these statements are meant to convey to the public the company’s progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management’s opinion. While management believes such representation to be true and accurate based on the information available to the company, actual results may differ materially from those described. The company’s operations and business prospects are always subject to risks and uncertainties. Important facts that may cause actual results to differ are set forth in IMNR’s periodic filings with the U.S. Securities and Exchange Commission.
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